There are so many people who are now doing it together in terms of saving toward a common goal while earning interest. Back in the day’s societies and saving clubs had no bank accounts and would have to trust one person with their money, and this sometimes would create a lot of conflicts.
Sometimes you may find that the person fleed with the money – but since this has been introduced to banks, things have become much easier. Now societies and savings clubs can be financially savvy with Nedbank.
The Nedbank account requires a minimum opening deposit of R100. The interest rates are tiered and market-related – thus the more you save the more interest you will earn. There isn’t a limit in the number of people who can save together, however, a minimum of three signing members, two of whom must be present during any transaction and this will eliminate a lot of unnecessary shenanigans.
Nedbank offers a zero account maintenance fee, with unlimited withdrawals and notifications to know of all the transactions that happens in your account.
For more information visit: https://www.nedbank.co.za/content/nedbank/desktop/gt/en/personal/save-and-invest/savings-accounts/club-account.html
